Marketing Strategy

Target Market Strategy:

A target market is a defined group that managers feel is most likely to buy a firms product. (MKTG;Lamb, Hair, McDaniels;32) The target market for Cimeta Argent would more than likely be considered a niche market. Concentrated targeting strategy, a firm selects a market niche (one segment of the market) for targeting its marketing efforts...to concentrate on understanding the needs, motives, and satisfaction. (MKTG;Lamb, Hair, McDaniels;107) We are aiming for single males between the ages of 25 and 35 who earn $100,000+ annually, or aspire to one day earn such a salary. These males will likely shop at other specialty stores such as Tom Ford and Dior Homme and high level department stores such as Bloomingdales and other locations such as Whole Foods and Equinox gyms. Customers can also be segmented into frequent users, moderate users, and heavy users. (MKTG;Lamb, Hair, McDaniels;303) Fortunately this niche market are very loyal consumers who once they find a product will continue to make frequent purchases throughout the rest of their lives.

Marketing Mix

Product: The product that we will be marketing is our newest men’s fragrance, Cimeta Argent.

Price: Cimeta Argent will sell for $175 for 50 mL, which is very much the price of our main competitors fragrances. Pricing is always an important aspect of marketing but is especially crucial in terms of inflation and recession. (MKTG;Lamb, Hair, McDaniels;289)

Place: As stated, Cimeta Argent will be exclusively available at Haute flagship stores in New York, Chicago, and Los Angeles and in select Bloomingdales across the country. Exclusive distribution is distribution which entails only one or few dealers within a given area. (MKTG;Lamb, Hair, McDaniels;181)

Promotion: Promotion is communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence their opinion or elicit a response. (MKTG;Lamb, Hair, McDaniels;211) Cimeta Argent will be advertised selectively in publications that our target market may read, magazines such as GQ, Conde Nast Traveler, and Forbes. Also in store launches will be held in Haute flagship stores in order to announce the new fragrance line. We will always keep in mind that to sell the sizzle, not the steak-that is, in advertising the goal is to sell the benefits of the product, not its attributes. (MKTG;Lamb, Hair, McDaniels;230)